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Bain Capital Announces Investment in Tingstad a Leading Swedish Distributor of Non-food Consumables

BainCapital

LONDON – March 2, 2026 – Bain Capital, a leading global private investing firm, today announced an investment in Tingstad, a leading Swedish family-owned specialist distributor of non-food consumables. The investment is made by the firm’s Private Equity team in Europe.

Headquartered in Gothenburg, Sweden, and founded by the Jigberg family in 1959, Tingstad serves a broad and diversified customer base across hospitality, culture, facilities management, grocery, and retail. The company offers a comprehensive range of non-food consumables through a fully integrated omnichannel platform. With more than 700 employees, Tingstad has built deep, long-standing customer relationships anchored in strong category expertise, an entrepreneurial and decentralized salesforce, a differentiated private label portfolio, in-house production capabilities supporting its offering, and a best-in-class warehousing and logistics infrastructure.

Bain Capital will acquire a majority stake in Tingstad partnering with owner Paul Jigberg, who will retain a minority ownership stake, as well as the leadership team and employees, to support the company’s next phase of growth. Bain Capital Private Equity has been investing in Europe for more than two decades, with its European investment team based in London and Munich as part of a globally integrated private equity platform. The team has deep expertise in the Nordics through its current portfolio companies Eleda and Ahlstrom, and in non-food consumables distribution through Imperial Dade, which operates in the US market.

“I am proud of what Tingstad has built over decades, and I believe Bain Capital is the right partner for the company’s next chapter,” said Paul Jigberg, owner of Tingstad. “Their approach is grounded in collaboration, and I am confident they will support the management team and employees as Tingstad continues to grow and evolve for customers across Sweden and the Nordic region.”

“Tingstad is a standout Nordic distributor with deep category expertise and a world-class logistics model that customers rely on every day,” said Halvor Meyer Horten, a Partner and Co-Head of the European Industrials vertical at Bain Capital. “We’re excited to partner with Paul and the Tingstad team to build on a strong foundation, strengthening and investing in the team and the platform, and supporting continued growth across Sweden and the wider Nordic region.”

Ivano Sessa, a Partner and Co-Head of Europe Private Equity, added, “We’re investing behind Tingstad with deep experience in B2B distribution and a strong Nordic track record, and we aim to be a partner of choice for founder- and family-owned businesses. Across Europe, we work closely with management teams to help scale platforms – bringing sector expertise, operational resources, and a globally integrated network. We look forward to supporting Tingstad’s next chapter as it deepens customer relationships, expands its capabilities, and continues to strengthen its position across the Nordics.”

Financial terms of the transaction were not disclosed.

Bain Capital was advised by Jefferies, Danske Bank, Kirkland & Ellis and Advokatfirman Vinge. Tingstad was advised by DNB Carnegie Investment Bank AB and Setterwalls Advokatbyrå AB.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Tingstad 
Tingstad is a family-owned company founded in Gothenburg in 1959. From a small one‑person operation, the company has grown into one of the leading suppliers in the Nordic region. With more than 700 employees and sales offices in 13 cities, Tingstad still puts the family feeling – and the customer – first. The business serves customers in everything from the restaurant industry and specialty retail to the grocery trade. Its vision is clear: To create an easier everyday life for your business.

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Stonepeak Announces Investment in Aura Holdings

Stonepeak

SYDNEY & BRISBANE – March 1, 2026 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced an investment in Aura Holdings (“Aura”), a leading retirement village developer and operator in Queensland, Australia. Stonepeak’s investment, together with a committed development facility with senior domestic lenders, constitutes up to A$1 billion of available capital to support Aura’s extensive development pipeline and propel its next phase of growth.

Founded in 2016 by seasoned retirement sector executives Tim Russell and Mark Taylor and led by Sean Graham as CEO, Aura specializes in developing state-of-the-art retirement apartments and community facilities in highly sought-after, infill locations. To date, Aura has completed six retirement villages with nearly 800 units across southeast Queensland, with six in the near-term pipeline and more than 10 in early development. Stonepeak’s investment in Aura marks its second platform investment in Australia and New Zealand’s retirement village sector, following its acquisition of Arvida Group Limited, one of New Zealand’s largest retirement and aged care providers, in November 2024.

“We are pleased to partner with the Aura team and utilize our flexible, long-term capital to expand Aura’s development platform by executing on their significant pipeline of new retirement village projects,” said Darren Keogh, Senior Managing Director at Stonepeak. “Aura is well-positioned to serve Australia’s retirees given its premium portfolio spanning desirable retirement destinations, proven development track record, and experienced leadership team, who bring a deep understanding of what matters most to seniors.”

“We are delighted to welcome Stonepeak as our capital partner in this exciting new chapter for Aura. Stonepeak see the value in a first-class and growing operating platform,” said Aura Co-Founder Tim Russell. “Stonepeak’s investment gives Aura the runway to accelerate its strategy of adding much-needed, age-appropriate housing in areas grossly lacking suitable downsizing options for locals.”

“Stonepeak’s long-term approach to partnering and working with its portfolio companies, deep experience and relationships in the retirement sector, and clear plan for value creation give us tremendous confidence in Aura’s future. Together, we are poised to continue setting the standard in retirement living in Australia,” added Sean Graham, Chief Executive Officer of Aura Holdings.

Additional terms of the transaction were not disclosed, and the transaction has already closed.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately A$120 billion (US$84 billion) of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Aura Holdings
Aura Holdings was founded in 2016 by Tim Russell and Mark Taylor.  Focused on developing medium to high end retirement living communities on premium sites throughout South-East Queensland and Northern New South Wales, Aura is a vertically integrated retirement living platform comprising of 40 personnel with headquarters located in Brisbane, Australia.   Aura’s villages are predominantly found in metropolitan locations and/or on sporting club land.  With a pipeline growth of 2,000+apartments over the next five years, Aura has six fully operational villages and an additional development which broke ground September 2025.

Media Contacts

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Jack Gordon
jack.gordon@sodali.com
+61 478 060 362

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CapMan Natural Capital completes divestment of Baltic forest portfolio to Inter IKEA and continues with new European Forest Fund IV

CapMan Natural Capital completes divestment of Baltic forest portfolio to Inter IKEA and continues with new European Forest Fund IV

CapMan Natural Capital has completed the sale of approximately 24,000 hectares of forest assets in Latvia and Lithuania from Dasos Timberland Fund II to Inter IKEA Group following the transaction announced on 3 December.

The divested assets have undergone more than a decade of active and sustainability‑driven forest management. During the ownership period, CapMan Natural Capital implemented operational improvements, secured FSC® certifications across the portfolio and enhanced commercial value through long-term wood supply agreements and opportunities related to renewable energy.

“We are pleased that the process with Inter IKEA Group was smooth, professional and concluded quickly,” says Sami Veijalainen, Partner at CapMan Natural Capital. “Following the successful execution of the assets’ value creation strategies, we are happy to return funds to our investors in line with the Fund’s target returns.”

As CapMan Natural Capital exits these assets, the team continues in the Baltic region through its fourth main fund, the CapMan Dasos European Forest Fund IV, which held its first close in December. The close of the Inter IKEA Group transaction coincides with the beginning of a new investment cycle for the team, allowing CapMan Natural Capital to continue its long-term strategic presence in Latvia and Lithuania and maintain its role as a major independent forest owner in Europe.

“With Dasos Fund IV now launched, we are well positioned to continue our work in these regions,” says Jyri Hietala, Managing Partner at CapMan Natural Capital. “The close of the previous fund’s assets supports the natural progression into a new investment cycle, where we aim to deploy capital in high-quality forests that offer both long-term value creation and tangible natural capital outcomes.”

For more information, please contact:

Sami Veijalainen, Partner, CapMan Natural Capital, +358 40 516 5794

About CapMan Natural Capital

CapMan Natural Capital is a specialist natural capital asset manager focused on sustainable forestry investments across Europe. The team acquires and actively manages forest and land assets with the objective of delivering long-term risk-adjusted returns alongside measurable environmental outcomes, including climate change mitigation and biodiversity enhancement. CapMan Natural Capital is part of CapMan Plc, formed after acquisition of Dasos Capital in 2024.

CapMan Natural Capital manages approximately 215,000 hectares of land across eight EU countries with a market value of 1.5 billion euros, reinforcing its position as one of Europe’s leading independent forest asset managers. The investment team has established a total of 8 forest investment funds and co-investment vehicles since 2009. CapMan Dasos European Forest Fund IV represents the next phase of growth for the platform, scaling proven strategies across a broader asset base.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

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Bain Capital Specialty Finance, Inc. Announces December 31, 2025 Financial Results and Declares First Quarter 2026 Dividend of $0.42 per Share

BainCapital

BOSTON–Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the first quarter of 2026.

“BCSF delivered strong fourth quarter and full year 2025 results driven by attractive levels of net investment income that continued to cover our dividend,” said Michael Ewald, Chief Executive Officer of BCSF. “Credit fundamentals remained strong across our highly diversified portfolio with stable credit metrics and low non-accruals. We believe the Company is well-positioned to navigate the current market environment given our longstanding, disciplined investment approach in the core middle market.”

QUARTERLY HIGHLIGHTS

  • Net investment income (NII) per share was $0.46, equating to an annualized NII yield on book value of 10.6%(1);
  • Net income per share was $0.43, equating to an annualized return on book value of 9.9%(1);
  • Net asset value per share as of December 31, 2025 was $17.23, an increase of 0.1% compared to September 30, 2025, excluding the impact of the special distributions totaling $0.18 per share during the fourth quarter;
  • Gross and net investment fundings were $167.9 million and $(25.3) million, respectively; ending net debt-to-equity was 1.24x, as compared to 1.23x as of September 30, 2025(2);
  • Investments on non-accrual were relatively unchanged quarter-over-quarter and represented 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;
  • On December 22, 2025, the Company’s Board of Directors declared a special dividend of $0.15 per share to stockholders of record as of December 31, 2025. This special dividend was in addition to the Company’s previously declared special dividend of $0.03 per share for the fourth quarter;(3)
  • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the first quarter of 2026 payable to stockholders of record as of March 16, 2026(4); and
  • On January 29, 2026, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2031. The net proceeds of the offering were primarily used to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

SELECTED FINANCIAL HIGHLIGHTS

($ in millions, unless otherwise noted)

Q4 2025

Q3 2025

Net investment income per share

$

0.46

$

0.45

Net investment income

$

29.7

$

29.2

Earnings per share

$

0.43

$

0.29

Regular dividends per share declared and payable

$

0.42

$

0.42

Special dividends per share declared and payable

$

0.18

$

0.03

($ in millions, unless otherwise noted)

As of


December 31, 2025

As of


September 30, 2025

Total fair value of investments

$

2,508.4

$

2,534.1

Total assets

$

2,662.6

$

2,716.0

Total net assets

$

1,117.4

$

1,128.5

Net asset value per share

$

17.23

$

17.40

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended December 31, 2025, the Company invested $167.9 million in 93 portfolio companies, including $68.3 million in 11 new companies and $99.6 million in 82 existing companies. The Company had $193.2 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(25.3) million.

Investment Activity for the Quarter Ended December 31, 2025:

($ in millions)

Q4 2025

Q3 2025

Investment Fundings

$

167.9

$

340.1

Sales and Repayments

$

193.2

$

296.1

Net Investment Activity

$

(25.3

)

$

44.0

As of December 31, 2025, the Company’s investment portfolio had a fair value of $2,508.4 million, comprised of investments in 203 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of December 31, 2025:

Investment Type

$ in Millions

% of Total

First Lien Senior Secured Loan

$

1,598.7

63.8

%

Second Lien Senior Secured Loan

30.0

1.2

Subordinated Debt

95.7

3.8

Preferred Equity

157.2

6.3

Equity Interest

226.7

9.0

Warrants

1.0

0.0

Investment Vehicles

399.1

15.9

Subordinated Note in ISLP

190.7

7.6

Equity Interest in ISLP

43.6

1.9

Subordinated Note in SLP

157.9

6.3

Preferred and Equity Interest in SLP

6.9

0.1

Total

$

2,508.4

100.0

%

As of December 31, 2025, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 11.1% and 11.2%, respectively, as of September 30, 2025(5)(6). 92.2% of the Company’s debt investments at fair value were in floating rate securities.

As of December 31, 2025, six portfolio companies were on non-accrual status, representing 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively.

As of December 31, 2025, ISLP’s investment portfolio had an aggregate fair value of $733.1 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.3% first lien senior secured loans, 0.7% second lien senior secured loans and 5.0% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of December 31, 2025, SLP’s investment portfolio had an aggregate fair value of $1,536.3 million, comprised of investments in 99 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP’s debt investments at fair value were in floating rate securities.

RESULTS OF OPERATIONS

For the three months ended December 31, 2025 and September 30, 2025, total investment income was $68.2 million and $67.2 million, respectively.

Total expenses (before taxes) for the three months ended December 31, 2025 and September 30, 2025 were $37.7 million and $37.2 million, respectively.

Net investment income for the three months ended December 31, 2025 and September 30, 2025 was $29.7 million or $0.46 per share and $29.2 million or $0.45 per share, respectively.

During the three months ended December 31, 2025, the Company had net realized and unrealized losses of $1.9 million.

Net increase in net assets resulting from operations for the three months ended December 31, 2025 was $27.8 million, or $0.43 per share.

CAPITAL AND LIQUIDITY

As of December 31, 2025, the Company had total principal debt outstanding of $1,473.0 million, including $251.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company’s senior unsecured notes due March 2026, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, and $350.0 million outstanding in the Company’s senior unsecured notes due March 2030.

For the three months ended December 31, 2025, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.8% for the three months ended September 30, 2025.

As of December 31, 2025, the Company had cash and cash equivalents (including foreign cash) of $26.2 million, restricted cash and cash equivalents of $32.7 million, $26.7 million of unsettled trades, net of receivables and payables of investments, and $604.0 million of capacity under its Sumitomo Credit Facility. As of December 31, 2025, the Company had $464.8 million of undrawn investment commitments.

As of December 31, 2025, the Company’s debt-to-equity and net debt-to-equity ratios were 1.32x and 1.24x, respectively, as compared to 1.33x and 1.23x, respectively, as of September 30, 2025(3).

Endnotes

(1)

Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown.

(2)

Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments.

(3)

The fourth quarter $0.15 per share special dividend was paid on January 26, 2026 to stockholders of record as of December 31, 2025. The fourth quarter $0.03 per share special dividend that was previously announced was paid on December 30, 2025 to stockholders of record as of December 16, 2025.

(4)

The first quarter dividend is payable on March 30, 2026 to stockholders of record as of March 16, 2026.

(5)

The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders.

(6)

For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

CONFERENCE CALL INFORMATION

A conference call to discuss the Company’s financial results will be held live at 8:00 a.m. Eastern Time on February 27, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.

Participants are also invited to access the conference call by dialing one of the following numbers:

  • Domestic: 1-800-343-4136
  • International: 1-203-518-9843
  • Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance – Fourth Quarter and Fiscal Year Ended December 31, 2025 Earnings Conference Call” once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

Replay Information:

An archived replay will be available approximately three hours after the conference call concludes through March 13, 2026 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below:

  • Domestic: 1-844-512-2921
  • International: 1-412-317-6671
  • Conference ID: 11161100

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)

As of

As of

December 31, 2025

December 31, 2024

Assets

Investments at fair value:

Non-controlled/non-affiliate investments (amortized cost of $1,891,513 and $1,784,019, respectively)

$

1,905,297

$

1,773,742

Non-controlled/affiliate investments (amortized cost of $7,504 and $77,269, respectively)

18,674

75,733

Controlled affiliate investments (amortized cost of $603,650 and $585,702, respectively)

584,470

581,714

Cash and cash equivalents

23,092

51,562

Foreign cash (cost of $2,477 and $2,640, respectively)

3,151

1,963

Restricted cash and cash equivalents

32,667

45,541

Collateral on derivatives

10,993

9,755

Deferred financing costs

3,543

4,591

Interest receivable on investments

38,023

39,164

Interest rate swap

7,976

—

Receivable for sales and paydowns of investments

28,856

37,760

Prepaid insurance

489

197

Unrealized appreciation on forward currency exchange contracts

—

4,690

Dividend receivable

5,354

5,745

Total Assets

$

2,662,585

$

2,632,157

Liabilities

Debt (net of unamortized debt issuance costs of $10,110 and $4,929, respectively)

$

1,470,796

$

1,390,270

Interest payable

12,376

13,860

Payable for investments purchased

2,110

29,490

Collateral payable on derivatives

12,907

—

Unrealized depreciation on forward currency exchange contracts

9,061

1,185

Base management fee payable

9,408

9,160

Incentive fee payable

5,877

4,696

Accounts payable and accrued expenses

12,910

14,771

Distributions payable

9,730

29,053

Total Liabilities

1,545,175

1,492,485

Commitments and Contingencies (See Note 11)

Net Assets

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,562,265 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

65

65

Paid in capital in excess of par value

1,161,110

1,159,493

Total distributable loss

(43,765

)

(19,886

)

Total Net Assets

1,117,410

1,139,672

Total Liabilities and Total Net Assets

$

2,662,585

$

2,632,157

Net asset value per share

$

17.23

$

17.65

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)

For the Year Ended December 31,

2025

2024

2023

Income

Investment income from non-controlled/non-affiliate investments:

Interest from investments

$

172,277

$

179,956

$

184,921

Dividend income

6,093

1,958

62

PIK income

29,234

22,680

20,536

Other income

9,760

18,597

10,561

Total investment income from non-controlled/non-affiliate investments

217,364

223,191

216,080

Investment income from non-controlled/affiliate investments:

Interest from investments

135

3,140

9,890

Dividend income

—

920

4,815

PIK income

30

461

2,308

Other income

118

—

—

Total investment income from non-controlled/affiliate investments

283

4,521

17,013

Investment income from controlled affiliate investments:

Interest from investments

39,420

39,145

33,739

Dividend income

16,163

25,796

30,957

PIK income

10

—

—

Total investment income from controlled affiliate investments

55,593

64,941

64,696

Total investment income

273,240

292,653

297,789

Expenses

Interest and debt financing expenses

80,585

74,688

80,008

Base management fee

37,163

35,644

36,095

Incentive fee

18,144

28,872

25,456

Professional fees

2,855

3,494

2,561

Directors fees

720

695

716

Other general and administrative expenses

8,424

10,108

7,981

Total expenses, net of fee waivers

147,891

153,501

152,817

Net investment income before taxes

125,349

139,152

144,972

Income tax expense, including excise tax

3,753

4,475

3,357

Net investment income

121,596

134,677

141,615

Net realized and unrealized gains (losses)

Net realized loss on non-controlled/non-affiliate investments

(13,469

)

(18,174

)

(62,903

)

Net realized gain (loss) on non-controlled/affiliate investments

(14,759

)

7,727

19,006

Net realized gain (loss) on foreign currency transactions

761

(320

)

(5,134

)

Net realized gain (loss) on forward currency exchange contracts

(5,817

)

2,304

(407

)

Net change in unrealized appreciation on foreign currency translation

1,435

(251

)

4,050

Net change in unrealized appreciation on forward currency exchange contracts

(12,566

)

5,765

(2,322

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

24,061

11,424

49,524

Net change in unrealized appreciation on non-controlled/affiliate investments

12,706

(16,857

)

(24,271

)

Net change in unrealized appreciation on controlled affiliate investments

(15,192

)

(6,877

)

4,217

Total net loss

(22,840

)

(15,259

)

(18,240

)

Net increase in net assets resulting from operations

$

98,756

$

119,418

$

123,375

Basic and diluted net investment income per share of common stock

$

1.88

$

2.09

$

2.19

Basic and diluted increase in net assets resulting from operations per share of common stock

$

1.53

$

1.85

$

1.91

Basic and diluted weighted average common stock outstanding

64,821,087

64,562,265

64,562,265

See Notes to Consolidated Financial Statements

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through December 31, 2025, BCSF has invested approximately $9,809.3 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Contacts

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com

Media Contact:
Scott Lessne
Tel. +1 (212) 300-1800
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EQT exits remaining stake in Azelis Group

eqt

Azelis

  • EQT completes final selldown in Azelis Group NV, a leading global innovation service provider for the specialty chemicals and food ingredients industry
  • Under EQT’s ownership, Azelis has delivered significant topline and EBITA expansion through organic growth, attractive bolt-on M&A, and margin expansion. Azelis has expanded geographically, delivered new digital solutions to customers and suppliers, and progressed its sustainability initiatives – positioning the business for continued long-term value creation
  • The sale resulted in aggregate gross proceeds of c. EUR 190 million, of which EQT VIII received c. EUR 173 million

Akita I S. à r. L., an entity indirectly controlled by an affiliate of the EQT VIII fund (“EQT VIII”) is pleased to announce the completion of the sale (the “Sale”) of its remaining stake in Azelis Group NV (EBR:AZE) (the “Company”), comprising c. 24 million shares or c. 10% of the share capital of the Company, for aggregate proceeds of c. EUR 190 million. As part of the Sale, EQT VIII will receive gross proceeds of c. EUR 173 million. The Sale was completed on 26 February, 2026. Goldman Sachs International, J.P. Morgan SE, and BNP PARIBAS acted as joint global coordinators for the Sale.

The exit marks the end of a successful seven-year investment, during which time Azelis has expanded to become one of the leading global innovation service providers for the specialty chemicals and food ingredients industry.

Headquartered in Antwerp, Belgium, Azelis supports more than 65,000 customers who benefit from its application know-how, technical support, and access to a wide portfolio of products from more than 2,800 specialty raw material producers. Azelis operates an extensive network of application laboratories and its technical staff help customers develop and improve formulations.

Since being acquired by EQT in November 2018, and particularly since its IPO in September 2021, the Company has further scaled its global platform while navigating a more challenging chemicals market environment. It has expanded its application lab footprint, driven operational excellence, and executed various attractive bolt-on acquisitions. Digital has been a core pillar of Azelis’ strategy with a strong technology backbone enabling the delivery of a differentiated experience to Azelis’ customers and principals. Finally, Azelis continues to strive to be the industry leader in sustainability, maintaining an EcoVadis Gold status and retaining strong sustainability rankings globally.

Disclaimer
The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, US persons, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the shares in the United States or in any other jurisdiction. The shares were offered outside the United States in transactions that are not subject to the Securities Act pursuant to Regulation S under the Securities Act (“Regulation S”) to persons other than US persons (within the meaning of Regulation S) and in the United States to “qualified institutional buyers” (“QIBs”) pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT

EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

 

About Azelis

Azelis is a leading global innovation service provider for the specialty chemicals and food ingredients industry. The Company serves more than 65,000 customers who benefit from its application know-how, technical support and have access to a wide product portfolio from more than 2,800 specialty raw material producers. The company has more than 4.100 employees and is present in over 65 countries, with 70 application laboratories globally.

Categories: News

CapMan Growth invests in Finnish fitness chain Kuntokeskus Liikku

Capman

CapMan Growth invests in Finnish fitness chain Kuntokeskus Liikku

CapMan Growth Equity Fund III has signed an agreement on a significant investment in Kuntokeskus Liikku, a gym chain known for its high-quality facilities and excellent value for money. The investment will further strengthen the company’s position as a market leader and support the continued execution of its growth strategy.

Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth.

The company has grown rapidly in recent years and demonstrated its ability to build a profitable business. Its growth strategy centres on opening new locations in multiple cities each year. The aim is to support the wellbeing of people across Finland by serving an ever broader customer base and meeting the growing demand for high-quality, easily accessible fitness services nationwide.

“Kuntokeskus Liikku represents a growth company that combines strong leadership, a clear strategy and an efficient business model,” says Antti Kummu, Managing Partner at CapMan Growth. “The Liikku team has built a successful player in the Finnish fitness market, with a concept, operational efficiency and growth prospects that make it an attractive investment opportunity. We are excited to support the company’s ambitious growth plans and further strengthen its market position.”

Kuntokeskus Liikku is led by its founder and CEO, Johanna Riihijärvi.

“I am very pleased that we are strengthening Kuntokeskus Liikku’s ownership base with the expertise and experience of CapMan Growth. With CapMan, we gain excellent support for the continued execution of our ambitious growth strategy, and we believe that CapMan’s experience in the commercial real estate market will also support Liikku’s growth as finding new premises becomes increasingly easier,” says Riihijärvi.

The company’s main shareholder is COR Group, a long-time partner of CapMan Growth. COR Group is a Finnish health and wellness conglomerate, known in its sector for active ownership and long-term value creation.

“Kuntokeskus Liikku has been part of COR Group’s growth strategy since 2016. We aim to achieve clear market leadership in the Finnish fitness sector, and to support growth and secure financing, we carried out an ownership restructuring. As a health and wellness group, we want to contribute to improving Finns’ muscular fitness and overall wellbeing on a significant scale,” says Ilari Kerola, one of COR Group’s founders and Chairperson of Liikku’s Board.

The investment is the sixth by the CapMan Growth Equity Fund III.

For more information:

Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Kuntokeskus Liikku

Kuntokeskus Liikku is a Finnish fitness centre chain with more than 70 locations across Finland. Liikku’s mission is to lower the threshold for starting gym training and to offer high-quality, fresh training facilities for people of all fitness levels at a reasonable price.

At Liikku, the best workout is the one that gets done. Regardless of your goals or starting point, every workout is equally valuable and deserves a motivating, supportive and relaxed training environment. The gyms are designed to ensure a smooth and enjoyable workout experience on every visit. Thanks to spacious and airy premises, you can train comfortably at your own pace, even during peak hours. A versatile range of equipment, free weights and comprehensive warm-up facilities serve both experienced gym-goers and beginners alike.

You can visit Liikku for a tour Monday to Wednesday from 4 pm to 7 pm. For more information, please visit www.liikku.fi/english.  

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CapMan Infra’s portfolio company Koiviston Auto Group completes EUR 300 million refinancing

Capman

CapMan Infra’s portfolio company Koiviston Auto Group completes EUR 300 million refinancing

CapMan Infra’s portfolio company Koiviston Auto Group, Finland’s largest bus operator, has completed an approximately EUR 300 million refinancing. The transaction consists of the refinancing of the Group’s existing senior debt and secures long-term growth financing to support the Group’s continued investments in its rapidly expanding electric bus fleet.

The financing package has been provided by a group of lenders consisting of Nord/LB, ABN AMRO, Edmond de Rothschild, LBP AM and Siemens. The transaction strengthens Koiviston Auto’s funding base and provides significant flexibility to execute the company’s growth strategy focused on sustainable public transportation.

CapMan Nordic Infrastructure I acquired Koiviston Auto in December 2021 to support its expansion and operational development. The Group now serves communities nationwide and is at the forefront of the transition to zero-emission public transport in Finland. It operates approximately 300 electric buses, with more than 50 additional electric buses expected to be deployed into traffic during 2026, further accelerating the electrification of its fleet.

“The successful completion of this refinancing marks an important milestone for Koiviston Auto Group,” says Henrik Mikkola, CEO of Koiviston Auto Group. “The strong support from a diversified group of high-quality lenders underlines the robustness of our business and our long-term strategy. This financing allows us to continue investing in electric mobility and to provide reliable, sustainable and high-quality public transport services across Finland.”

“Koiviston Auto Group plays a key role in the green transition of public transportation in Finland,” comments Ville Poukka, Managing Partner at CapMan Infra. “This refinancing significantly strengthens the company’s financial platform and enables continued investments into electric buses at scale. We are pleased to see strong lender confidence in the company’s strategy, operational performance and long-term growth prospects.”

For more information:

Ville Poukka, Managing Partner, CapMan Infra, +358 50 572 9120

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Koiviston Auto Group

Koiviston Auto Group is Finland’s largest bus operator, providing public city and intercity bus transport nationwide. The Group employs approximately 2,800 people and is a leading player in the electrification of public transport in Finland.

Koiviston Auto Group operates one of the country’s largest electric bus fleets and continues to invest actively in zero-emission solutions, supporting the transition towards more sustainable public transportation. www.koivistonauto.fi

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Carlyle provides a structured capital solution to Peloton Computer Enterprises to support growth

Carlyle

New York, NY and Calgary, AB — 23 February 2026 — Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a structured capital solution to Peloton Computer Enterprises Ltd. (“Peloton” or the “Company”), a leading provider of integrated energy data management software, to support ongoing investment in the Company’s platform and long-term growth strategy.

Founded in 1991, Peloton is a leading vertical software provider, delivering integrated solutions that support energy companies’ core proprietary data and workflows across the well, production, and land lifecycles. The Company serves as a system of record for its deeply embedded customers, built on trusted performance and extensive vertical expertise focused on the oil and gas industry. As a category leader in a highly specialized market, Peloton is well positioned to support customers’ evolving data and analytics needs, with AI representing a key forward growth driver in enhancing operational insight and decision-making.

This investment provides Peloton with long-term, flexible capital to support continued investment in the Company’s platform and analytics capabilities, while enabling the management team to accelerate strategic initiatives, including M&A, and support the business’s next phase of growth.

In connection with this transaction, Silver Lake, TriWest, and HarbourVest, who made a strategic investment in Peloton in 2017, will be exiting shareholders, and Glen Gray, co-founder and Chief Executive Officer of Peloton, will continue to lead the Company during this next phase of growth.

Glen Gray said: “We are excited to partner with Carlyle as we continue to execute on our long-term growth strategy. Carlyle’s capital, deep sector expertise, and integrated global platform will enable us to further invest in product innovation, expand our international footprint, and evaluate strategic opportunities that enhance our platform and better serve our loyal customer base.”

Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America, said: “Peloton is a high-quality vertical software leader with a long history of supporting the oil and gas industry’s most critical operational needs. Drawing on Carlyle’s long-standing global technology and energy franchises, and deep sector insights across software, we were able to structure a capital solution tailored to Peloton’s business and growth objectives. We look forward to partnering with Peloton’s management team to drive its next phase of growth.”

Arjun Shah, a Managing Director on Carlyle’s Technology team, said: “Peloton is a true vertical industry leader, providing a mission-critical offering for its deeply embedded customer base. The Company’s deep domain specialization positions the business exceptionally well for continued growth. This growth-driven investment reflects a truly collaborative effort across Carlyle’s global platform, and we look forward to further leveraging our scale and capabilities to help deliver long-term growth for the business.”

As part of the transaction, Andreas Boye and Arjun Shah will join Peloton’s Board of Directors.

Evercore served as financial advisor and Burnet Duckworth & Palmer and Davis, Polk & Wardwell served as legal advisors to Peloton. Latham & Watkins served as legal advisor to Carlyle.

—

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Peloton 

Peloton is a leading global provider of innovative technology solutions for the energy industry, offering solutions to optimize operations and enhance productivity. With a focus on security, mobility, integration, automation, and real-time monitoring, Peloton powers energy clients to thrive in an ever-evolving landscape. Further information can be found at www.peloton.com.

Media Contacts 

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

 

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Blackstone Life Sciences Announces a Co-funding Agreement for Acute Myeloid Leukemia

Blackstone

Cambridge, MA – February 23, 2026 —Blackstone Life Sciences (“BXLS”) today announced a research and development funding agreement to advance the clinical development of bleximenib (JNJ-75276617), an investigational oral menin inhibitor, for acute myeloid leukemia (“AML”). AML is the most common type of acute leukemia in adults, yet continues to be extremely challenging to treat, with the lowest survival of all leukemia types.

Johnson & Johnson and funds managed by BXLS will jointly finance a portion of the ongoing and future clinical trials of bleximenib in AML. This is the first time that BXLS and Johnson & Johnson have entered into a co-funding agreement.

“We believe that bleximenib’s promising clinical data, combined with Johnson & Johnson’s deep expertise in hematologic malignancies, create a strong foundation to address critical gaps in patient care,” said Dr. Nicholas Galakatos, Global Head of BXLS. “We are excited by this agreement with Johnson & Johnson, furthering our network of global leaders to accelerate innovation across the life sciences sector.”

“As an aggressive, fast-progressing blood cancer with high relapse rates, there is an urgent need for better, more tolerable treatment options for patients living with AML. Our mission is to help leaders like Johnson & Johnson advance the promise of innovative medicines like bleximenib and bring them to patients across the globe,” added Dr. Ari Brettman, Senior Managing Director, BXLS.

About Bleximenib (JNJ-75276617)
Bleximenib is an investigational oral menin inhibitor being evaluated for the treatment of patients with newly diagnosed and relapsed or refractory AML. It targets a key oncogenic interaction between menin and KMT2A proteins, disrupting a pathway that drives leukemic cell growth in patients with KMT2Agenerearrangements or NPM1genemutations.

Bleximenib is currently being investigated in Phase 1, 2, and 3 clinical trials, either as a monotherapy or in combination with AML-directed therapies to further explore its potential in both relapsed or refractory and newly diagnosed AML settings.

About Acute Myeloid Leukemia (AML)
Acute Myeloid Leukemia (AML) is an aggressive, fast-progressing blood cancer with high relapse rates and especially poor outcomes for older patients or those with high-risk genetic profiles with KMT2A gene rearrangements – highlighting the urgent need for better, more tolerable treatment options.The disease is the most common acute leukemia in adults yet continues to be an extremely challenging blood cancer to treat with the lowest survival rate of all leukemias. AML progresses rapidly and without prompt treatment patients can die within months.

About Blackstone Life Sciences
Blackstone Life Sciences (BXLS) is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, BXLS helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $15 billion in assets under management.

CONTACTS

Blackstone
David Vitek
(212) 583-5291
David.Vitek@blackstone.com

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Fluent Commerce receives A$46M from Bain Capital to Accelerate Next Phase of Growth

BainCapital

SYDNEY, February 20, 2026 — Fluent Commerce, a global provider of Order Management Systems (OMS), announces today that it has secured A$46m in new funding from Bain Capital. The investment will support continued, profitable global growth – enabling customers to scale faster with new AI-powered capabilities. The capital will:

●    Fund further “AI with ROI” investments
●    Accelerate customer acquisition
●    Support the roll-out of Fluent Connect (new AI integration platform)
●    Continue expansion into key international markets

Fluent Commerce CEO, Graham Jackson, said: “At Fluent Commerce, our goal is to serve our customers with real-time data to enable them to remove profit leaks and to grow. Whether it’s into a new market or launching a new brand or experience, we provide that decision-making engine for AI-ready commerce operations. This investment from Bain Capital enables us to supercharge our international growth and become the AI powerhouse for global brands.”

Fluent Commerce is dedicated to helping companies optimise inventory, move faster and deliver better customer experiences through its scalable, distributed platform. Customers include global brands such as Prada Group, L’Oreal, Kingfisher, LVMH and JD Sports.

In January, Fluent Commerce launched its new AI-powered integration platform, ‘Fluent Connect’, which enables retailers and brands to connect Fluent Order Management with critical third-party systems, such as payment gateways, carriers and POS systems, in a matter of hours rather than weeks. By dramatically reducing integration complexity and time-to-value, Fluent Connect allows customers to go live faster, scale more easily, and keep pace with ongoing innovation and growth.

This latest funding highlights investor confidence in Fluent’s long-term vision and continued global expansion. Bain Capital, a global private capital investment firm with over $215 billion (USD) in assets under management, continues to demonstrate its commitment to supporting high-growth companies through its latest transaction with Fluent Commerce.

Paul Kennedy, a Partner at Bain Capital said: “We are excited to partner with Fluent Commerce as it accelerates its global expansion. Fluent has built a best-in-class commerce platform guided by a proven management team, a focused customer-first strategy, and technology leadership that has earned the trust of leading global brands. Bain Capital’s conviction in Fluent is grounded in our global technology investing experience which we will continue to apply as we support the company’s ongoing growth.”

This transaction was advised by Neu Capital.

Managing Director from Neu Capital, Cyrus Church said: “Fluent Commerce is a fantastic Australian success story.  It’s been a pleasure arranging this capital as they continue to expand worldwide.”

END

About Fluent Commerce
Fluent Commerce is a global software company focused on inventory availability data management at scale and distributed order management (DOM) for commerce. Fluent Order Management provides accurate, real-time inventory availability across all locations, order orchestration, fulfillment optimization, fulfillment location management, in-store pick-and-pack, customer service, and reporting.
Fluent Commerce works with organizations such as JD Sports, L’Oréal, Prada Group, ALDO Group, LVMH, Dulux and Kingfisher. For more information, visit fluentcommerce.com

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Neu Capital

Neu Capital is a full-service independent debt advisory firm delivering tailored capital solutions to public and private mid-market companies. Neu Capital arranges billions of dollars of transactions across asset-backed securities, corporate finance and special situation structures.

 

Media Contacts

 Australia

 Stuart Carson

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